Wipro board approves ₹9,500 crore share buyback plan
Wipro’s board of directors has approved the buyback of 237.5 million equity shares worth ₹9,500 crore at ₹400 a piece. The buyback will be the company’s fourth in the last five years and the second by an Indian IT services company this fiscal. Tata Consultancy Services (TCS) too announced a share buyback worthRs.16000 Cr. after its second quarter earnings last week.
Walmart and Flipkart invest in Ninjacart again to bump up its grocery offerings ahead of the festive season
E-commerce giants Walmart and Flipkart have once again invested in online grocery startup Ninjacart. The investment follows their first-round from December 2019. Ninjacart has the supply chain where it leverages big data, predictive analytics, mobile applications and the Internet of things to connect farmers with marketplaces. It has also built “ less-than-12-hour connectivity from farm to store” to keep perishable goods from getting spoilt during transport.
Tea consumption outside home rises, reaching pre-Covid levels
As lockdowns ease across the country and economic activities picked up, tea consumption outside the home has gone up since last fortnight and has reached the pre-Covid levels. About 300 million kg of India's annual domestic tea consumption of 1100 million kg is consumed in out-of-home format. The out-of-home tea drinking is expected to get a further boost with the onset of the festive season.